Weegy: Perfect Competition-
A market structure in which the following five criteria are met:
1. All firms sell an identical product.
2. All firms are price-takers.
3. All firms have a relatively small market share.
4. [ Buyers know the nature of the product being sold and the prices
charged by each firm.
5. The industry is characterized by freedom of entry and exit.
These five requirements rarely exist together in any one industry. As ... (More)